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Crude Oil Prices Hit New Record High


Crude oil prices have closed at a record high level in New York in part because of the market's uncertainty about Iranian policies following that country's presidential election.

Crude oil closed at $60.45 a barrel Monday on the New York Mercantile Exchange after hitting a high of $60.95 earlier in the day. New York prices hit a record of 59.85 dollars last Thursday.

Market analysts cited investor concerns about a possible worsening of U.S.-Iranian tensions following the election of conservative Mahmoud Ahmadinejad as president last Friday.

Market watchers also speculate that oil prices keep climbing because of worries that refineries will struggle to meet a likely increase in demand.

Some information for this story provided by Bloomberg and Reuters.

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